Handelsbanken Norge (A1 NOK)

Legal name: Handelsbanken Norge (A1 NOK)

Equity Fund Registered in Sweden (UCITS) Bid

About risk

Historical yields are not a guarantee of future returns. A fund can both increase and decrease in value and it is not guaranteed that you will recover the entire invested amount. Note that a fund with risk level 5-7, as stated in the fund's fact sheet (KID), can vary greatly in value due to the fund's composition and management methodology. The prospectus, fund rules and KID are available under each fund. Summary of investors' rights.

The fund is actively managed and invests in equities issued by companies on the Norwegian market.

The fund is reported as an Article 8 fund pursuant to EU regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).

Fund Spotlight

As of 20 March 2024, the fund rules will be updated and the fund name will be changed to Handelsbanken Norge (previously Handelsbanken Norge).
Read more

Fund manager

Kris Robberstad Experience in the fund industry 2016. Portfolio Manager since 1 March 2019.

Risk 4/7

The risk indicator provides guidance on the risk level for this product relative to other financial products. It shows the likelihood that the product will decrease in value due to market performance. Risk level 1 represents a low risk and risk level 7 is a high risk.

About risk

The risk/return indicator illustrates the link between risk and potential returns from an investment in the fund. The indicator is based on the change in the fund’s value over the past 5 years.

This shareclass belongs to category 4, which means there is a medium risk for up- and downturns in the net asset value. Category 1 does not mean that the fund is risk-free. The fund's risk indicator can change both upwards and downwards on the scale over time, as the indicator is based on historical data that does not guarantee future risk/returns.

An investment in an equity fund is generally characterized by high risk as the value of the equities can fluctuate significantly over time but also has the potential for high returns.

The indicator primarily reflects the upturns and downturns in the value of the fund’s equity investments and fluctuations in exchange rates.

The indicator reflects the most important risks in the fund but excludes the following material risks:

Given that the fund’s investments are made in one country or a limited number of countries, the fund normally has a higher risk relative to investments that are allocated with a broader geographical distribution across several regions or countries.

The fund's investment focus means that the fund has exposure to a smaller market for which liquidity is lower, and the variations in the liquidity of the equities are considered to be higher relative to larger markets. This can impact the fund's ability to manage significant outflows at a relatively low cost.

This product does not provide any protection from future market performance. You could therefore lose some or all of your investment.

Additional information about the risks may be found in the prospectus available at www.handelsbanken.se/funds.

Total Rating™

30.04.2024

The rating shows which funds have historically posted the strongest performance in relation to risk. Ratings are denoted by a scale of one to five stars, with five as the highest rating. A fund must have a performance history of at least three years to receive a rating.
Read more about the fund's rating

SFDR

This fund promotes environmental and social characteristics through its investments but does not have sustainable investments as its objective. As a result, the fund takes into consideration the environment and climate, as well as human rights, employees’ rights and corruption.
The fund is reported as an Article 8 fund pursuant to EU regulation on sustainability-related disclosures in the financial services sector (SFDR).

29.02.2024

Sustainability-
rating

The sustainability rating is developed by the fund information company Morningstar. The rating measures how well the fund's investee companies manage sustainability risks relative to other funds within the same global Morningstar category. If the fund has invested in government bonds issued by sovereign states, the respective country's sustainability risk is included in the calculation. The analyzed funds can receive a sustainability rating between 1 and 5 globes, with 5 as the highest rating.

About Sustainabilty rating

The fund complies with the UN Principles for Responsible Investments.

Graph

Performance

Monthly savings

In percent including distribution in NOK

2024

1 year

3 years

5 years

10 years

Handelsbanken Norge (A1 NOK) (NOK)

Note that benchmark returns, unlike fund returns, do not take distributions into account. As a result, fund returns are higher than they would otherwise be relative to benchmark.

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Historical rates

Performance

Rate 08.05.2024	1 week	1 month	3 months	2024	1 year	5 years	10 years
1,727.26 NOK	1.81%	4.55%	10.59%	10.64%	19.88%	51.20%	165.83%

Portfolio 26.04.2024

Fund performance was positive during Q1 2024. The period was marked by positive macroeconomic growth and good sentiment analyses, which together have strengthened the market’s expectations for a ‘soft landing’ to a ‘no landing’ scenario. Activity in the US has been so strong that the forecasts for rate cuts in 2024 have been reduced to 3 this year, which in line with the US central bank’s own forecast. Such a relative tightening of the financial conditions would normally mean an uphill battle for equities, but the continued improvement in economic outlooks has overridden this and instead provided support to the markets. The upturns have been quite widespread but it is clear that the company-specific factors are the drivers of equity prices rather than the general factors. Companies with positive revisions and strong operational momentum have performed well. A noteworthy example is Schibsted, which had a significant upturn as a result of structural measures and subsequently high dividend yields.

Salmar and Bakkafrost were also noteworthy during the period, driven by low growth in the salmon sector, a steady rise in spot and futures prices, as well as improved operations relative to competitors and better geographic exposure. Sparebanken Vest and Storebrand are both expamples of companies that benefit from higher interest rates and Storebrand reached NOK 100 per share at the close of the quarter, which is a technical milestone. Protector also posted strong performance in the period. In addition, we saw an increased appetite for commodity equities at the end of the quarter, where both Norsk Hydro and Yara rebounded from previous losses earlier in the year. This also applied to the auto transport companies, with Hoegh Autoliners at the forefront.

Assuming that the current macro forecasts are confirmed or improve going forward, we will need to keep an eye on the industrial and materials sectors. We are retaining our positioning in general for Q2 but make note that market performance has been strong over the past six months, with historic peaks in many markets worldwide, including Norway. We are looking forward to the upcoming Q1 reports, which will give new indications about the direction of our holdings.

The fund changed its name on 20 March from Norge Tema to Norge. This change provides more liberal investment rules and enhanced opportunities to invest in more value-based equities, although we continue to identify long-term structural growth. We prefer growth companies and avoid unprofitable companies with high debt and business models that are unable to manage the prevailing interest rate levels.

Portfolio distribution 30.04.2024

Geographic breakdown 30.04.2024

Svenska Handelsbanken AB (PLC)

Historical yields are not a guarantee of future returns. The money you invest in a fund can both increase and decrease in value and it is not guaranteed that you will recover the entire invested amount.
Handelsbanken does not assume liability for any errors in the information.

Handelsbanken's funds are classified in seven risk classes, 1 for the lowest risk and 7 for the highest risk.